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Architecture business Aukett Fitzroy Robinson produced a solid set of first half results, bolstered by growing revenues from booming emerging markets such as Russia and the Middle East. But concerns remain over the UK market.
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Delays on some UK projects and more use of sub-contractors abroad hit margins and left profits marginally down on last year despite a 20 per cent rise in revenues.
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Aukett's shares have slipped since our buy recommendation (10.25p, 18 January 2008) and the uncertainty in the UK market means that they are now fairly priced at 8.25p.
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
